Citibank's Home Equity Products1
As a homeowner, it only makes sense to have the ability to tap into your home's equity which you've been accruing since you first purchased your home.
Home equity is one of the smartest, cheapest, and easiest ways to access the money you need to help you reach your financial goals.
Citibank offers 2 options which are tailored to help you with:
Better yet we offer both products at no closing costs and no application fees 2.
First, Compare Your Options
Already Know What You Want?Note: Clicking the "Apply" Button will direct you to our affiliate site - www.myhomeequity.com
Not Sure Which Product is Best for You? Let Us Help.
1. Home Equity Loans and Lines of Credit are offered by Citibank, N.A. This offer is not available at Citibank Financial Centers.
Member FDIC ?2007 Citibank, N.A., an equal housing lender, is a member of Citigroup. Citi and Citi with Arc Design are registered service marks of Citigroup Inc.
This is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Certain restrictions may apply on all programs.
Home Equity Lines and Loans are available to U.S. residents only. Not available in Alaska and Hawaii. In Texas, the maximum loan-to-appraised-value cannot exceed the lesser of 80% combined loan-to-value or 50% of the property's fair market value. No third lien positions.
2. Property insurance and the fee to release an existing mortgage may be required. In addition, an early closure release fee may be charged to recover all third party costs incurred in originating your loan if you close your account within 36 months (not applicable in Texas).
For HELOCs, an annual fee of $50 may apply starting on the first anniversary of credit line account opening (not applicable in Texas).
3. The APR for our home equity line of credit may vary and is indexed to the Prime Rate, as published in the "Money Rates" section of The Wall Street Journal, currently at 5.25% APR as of March 19, 2008. The APR is determined by the line amount, its resulting combined loan-to-value ratio, credit score, and the amount of the initial draw. The APR may be as high as 10.3% variable APR based on the current Prime Rate. The maximum APR is 18.00%. To qualify for the lowest rate, customers must meet a minimum line amount of $75,000, a loan-to-value ratio of less than or equal to 80%, credit qualifications and documentation requirements. Any property evaluation or appraisal required at time of application may affect both line amount and rate. Loans subject to credit approval. Rate subject to change without notice. The APR for our home equity loan is indexed to the 3-year Interest Rate Swap, as published on the 'Statistical Release' page found on www.federalreserve.gov, currently at 2.71% as of March 14, 2008. The APR may be as low as 7.24% fixed APR and as high as 10.44% fixed APR. To qualify for the lowest rate, customers must meet a minimum loan amount of $150,000, a loan-to-value ratio of less than or equal to 80%, credit qualifications and documentation requirements. Any property evaluation or appraisal required at time of application may affect both loan amount and rate. Loans subject to credit approval. Rate subject to change without notice.
4. If you choose to pay only the amount of interest due during the interest only period, then at the end of that period you will still owe the original amount borrowed and your monthly payments will increase - even if interest rates stay the same - because you must pay back the principal as well as interest
5. Consult a tax advisor regarding the deductibility of interest.
6. Fixed rate and fixed payment convertibility feature only available to customers who meet account balance, LTV and payment history requirements; other restrictions and terms apply. The minimum amount that may be converted is $10,000. Required monthly payments on converted balances are combined with minimum monthly payment due on revolving line of credit balances. Future draws from the credit line will increase your monthly payment on your revolving line of credit balance.
Home Equity : 1-866-533-8769
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